S.L. 330.11 Art. 5Administrative penalties and other administrative measures.

(1) Without prejudice to the powers of the competent authority under the Act or any other law, the competent authority shall have the power to impose administrative penalties and other administrative measures for breaches of Article 4 and Articles 13 to 15

of the SFTR.

(2) Without prejudice to the generality of sub-regulation (1), the competent authority shall have the power to impose the following administrative penalties and other administrative measures for breaches of Articles 4 and 15 of the SFTR:

(a) an order requiring the person responsible for the breach to cease the conduct and to desist from a repetition of that conduct;

(b) a public statement which indicates the person responsible and the nature of the breach in accordance with Article 26 of SFTR;

(c) withdrawal or suspension of the authorisation;

(d) a temporary ban against any person discharging managerial responsibilities, or any natural person who is held responsible for such a breach, from exercising management functions;

(e) maximum administrative penalties of three times the amount of the profits gained or losses avoided because of the breach where the said profits or losses can be determined by the competent authority, even if those penalties exceed the amounts referred to in paragraphs (f) and (g);

(f) in respect of a natural person, a maximum administrative penalties of five million euro (€5,000,000);

(g) in respect of legal persons, maximum administrative penalties of:

(i) five million euro (€5,000,000) or up to ten per cent (10%) of the total annual turnover of the legal person according to the last available accounts approved by the management body for breaches of Article 4 of the SFTR;

(ii) fifteen million euro (€15,000,000) or up to ten per cent (10%) of the total annual turnover of the legal person according to the last available accounts approved by the management body for breaches of Article 15 of the SFTR;

Provided that for the purpose of paragraph (g)(i) and (ii), where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts in accordance with Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income according to the relevant accounting regime according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking.

(3) Without prejudice to the generality of sub-regulation (1), the competent authority shall have the power to impose an administrative penalty which may not exceed one hundred and fifty thousand euro (€150,000) for each breach of Articles 13 and 14 of the SFTR.

(4) Where the provisions of Article 4 and Articles 13 to 15 of the SFTR apply to a legal person, the competent authority may impose administrative penalties and other administrative measures on members of the management body of such legal person and to other individuals who are responsible for the breach of the said provisions.

(5) The administrative penalties and other administrative measures taken by the competent authority shall be effective, proportionate and dissuasive.

(6) When determining the type and level of administrative penalties and other administrative measures, the competent authority shall take into account all relevant circumstances, including, where appropriate:

(a) the gravity and duration of the breach;

(b) the degree of responsibility of the person responsible for the breach;

(c) the financial strength of the person responsible for the breach, by considering factors such as the total turnover in the case of a legal person or the annual income in the case of a natural person;

(d) the importance of the profits gained or losses avoided by the person responsible for the breach, insofar as they can be determined;

(e) the level of cooperation of the person responsible for the breach with the competent authority, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;

(f) previous breaches by the person responsible for the breach;

(g) any additional factors which the competent authority deems relevant.